Home Loans and Support

Finally received a "fabulous" loan mod from ocwen .... No kiddin' it was "fabulous"

Discussion in 'Loan Modification' started by wealth2008, Jan 7, 2012.

  1. wealth2008

    wealth2008 LoanSafe Member

    We (my wife and I) were formerly clients of Litton Loan, but recently moved over to Ocwen. Under Ocwen, I personally, have had nothing but great support! Without going into a long story, let me just share our current status. Recently, we received a HAMP offer with "trial payments" of $1,309.82, after making payments of well over $3,400 a month (PITI + HOA) for the last six years. Because of being in a chapter 13, we did NOT qualify for the SAM program, but I believe we were offer much better. I like think we received nothing short of a MIRACLE FROM GOD!!!

    After making our three trial payments, Ocwen has agreed to provide us with up to $1,000 (yearly) for five years to apply toward our principal balance. For long as we make these timely payments, we will receive this "incentive bonus."

    In there offer they wrote, "So long as your modified loan remains in good standing, we will forgive $76,573.82 of the principal balance of your loan each year on the anniversary of your first trial period payment for three years." Again, everything is contingent on making our payments in a timely manner. In addition, they offered to provide us with a 2% annual interest rate and this is not based on ANY SAM program, balloon payments, etc....

    After making several attempts via Litton Loan Servicing to accomplish a HAMP, but was DENIED! With one attempt Ocwen offered us these options as our trial period begins 2/1/12, hopefully this language will incorporate into our permanent modification.
  2. Liza09

    Liza09 LoanSafe Member

    Wow! That is a great mod!!! I have no doubt God still performs miracles. Congratulations!!!
  3. yazzinfl

    yazzinfl LoanSafe Member

    Ocwen shared modification

    My loan was also modified by Ocwen. Long story short, I lost my job in Jan 2011. At that time my loan was serviced by Litton loan I went to a seminar held by many of the mortgage companies in July looking fo help and submitted my modification paperwork . Litton was then sold to Ocwen and I had to start the process all over again. I started a new job in October. The most frustrating part of the process was I kept getting letters saying I need to submit this or that when I had already sent the information in. I will say that I had a loan modifcation back in 2009 with Litton, due to another job loss, so I really wasn't sure if I could get another one.

    Well I got a SAM modification from Ocwen, they reduced my mortgage from 242k to 104k( forgiven over 3 years in equal amount provided all payments are made on time). My original payment was $1790 per month(PITI)now it is $841 per month with a interest rate of 2% for the life of the loan. After 25 years , or if I sell before then I must pay 25% of the appreciation or profit. So if my home appreciates 100k I will have to pay a lump some of 25k..I'll worry about that in 25 years lol.

    I will also say the person assigned to my account was very helpful and kept me informed of everything along the way. 2012 forward is going to be great :)
  4. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    This institution is probably the role model of all of them and has the highest rate of approval of mods out of them all. This is the way all should have been modified. Thanks for letting the community here know of your success!
  5. Cat Damiano

    Cat Damiano Mortgage Wars

    Congratulations! That is great news! I agree with Jeffrey, Ocwen is and always has been, at the inception of the modification program, the one entity that will modify you if you meet the eligibility requirements for HAMP or any of their inhouse programs.
  6. cali92262

    cali92262 LoanSafe Member

    wealth2008 - congratulations, sounds like a great mod! It's great to hear of success stories!
  7. socal909

    socal909 LoanSafe Member

    Congratulations! Just wondering though....were you behind on your mortgage or in foreclosure when you began the mod process? We are also with Ocwen and just beginning the adventure? I didnt think we could be in BK and apply for a mod at the same time. How long did the process take? Thanks for sharing your story..... you gave me hope!
  8. jkarl

    jkarl LoanSafe Member

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mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> Wow! That is great. I have been asking OCWEN for months just to lower my interest rate a couple points on a $60,000 underwater home and have been denied. Instead of being the responsible homeowner that I am, and buying a house well within my means, I should have just bought a huge house that I could not afford, then default since this seems to be the only way Ocwen will modify a loan. I too have lost my job, and I’m scraping everything together to pay a mortgage payments, when they will do nothing for me because I have consistently paid on time, and been responsible. I guess their formulas state they could get more money from me in late fees, etc rather than reducing the interest rate a couple points to reflect today’s rate. I refuse to pay a high interest rate on this underwater house. Ocwen HAS NOT compromised with me on this matter.

    Once again, congrats on your write-off.
  9. yazzinfl

    yazzinfl LoanSafe Member

    I was officially 3 months behind in April 2011. However, it wasn't until July that I went to the seminar looking for a modification. Then Litton was sold to Ocwen and I had to start all over again in October/November. I was never served with foreclosure papers during my dilinquency. I was 11 months behind before modification approved , but it only took Ocwen 2 months to make a decision after all paperwork was received.
  10. wealth2008

    wealth2008 LoanSafe Member

    Yes, we were behind on our mortgage for nearly 12 months. Our arrears totaled approx. $50,000 going into the BK. My personal experience with their BK department has been wonderful. On one occasion I asked to speak with the supervisor and we discussed several matters for nearly 30 minutes. He was very encouraging and supportive. I might add their BK department is located in India and at times it appears to be difficult to decipher their accents.

    I applied for the HAMP loan via Ocwen on December 12, 2011 and received my congratulations letter December 23, 2011. What a wonderful Christmas gift!!!! :bigsmile:
  11. wealth2008

    wealth2008 LoanSafe Member

    Sorry to hear of your experience .... I had a very similar experience with Litton Loan ... for years we attempted to qualify for a HAMP and was turned down due to DTI/NPV, what a JOKE!!! Now, we have Ocwen who provides us with a software program of all our account information. It's quite elaborate ... All of our information was meticulously transferred from LL to Ocwen.

    We are currently underwater approximately $150K (including everything). I hope Ocwen holds to their words and completes the "permanent mod." Blessings!!!
  12. wealth2008

    wealth2008 LoanSafe Member

    Well, WEGOT IT!!!!! The terms of the PERMANENT MOD were just as I stated above ..... A quick highlight .... 2% interest (30 year fixed) .... over $2,000 REDUCTION in our mortgage payments. Incentive bonus reductions, principal forgiveness of nearly 50% of the "re-capitialized" mortgage balance. Whew!!!! WHAT A BLESSING .... After I spoke with my attorney, showed him the paperwork, he stated there has NEVER been a MOD PLAN offered via Ocwen in his history of performing bankruptcies.

    This offer was nothing short of incredible .... I am sooooooooo BLESSED and AMAZED at what the Lord has done!!! We have waited patiently years for this moment!!!! YES, God does answer prayer!!!
  13. cali92262

    cali92262 LoanSafe Member

    Congratulations to you, this sounds like an awesome mod!!!

  14. wealth2008

    wealth2008 LoanSafe Member

    Hey Cat, my perm mod has a "balloon disclosure" attached, which does not provide a $$$ amount. Why is this the case and what likely will I need to pay at the end of the loan's maturity? Thanks!
  15. Cat Damiano

    Cat Damiano Mortgage Wars

    If you have a balloon payment due it would be clearly outlined in your permanent mod docs. The disclosure is an OCWEN document and I am not sure why they add it to a modification that doesn't have a balloon payment. You may want to ask your RM if it is necessary for you to sign that if there isn't a balloon payment due.
  16. derralynj

    derralynj LoanSafe Member

    Congrats Wealth2008! I received a wonderful MOD from Ocwen as well. It took about 18 months (started with Litton) and finally after several calls, faxes, and emails, i received my final paper work and ended up with:

    Original mortgage payment $1850 including tax and insurance

    New payment $865.66 including tax and insurance w/ 2% interest rate for the first 5 years, 3% year 6, 4% year 7, and 4.75% year 8. By year 8 our payment only goes up $100. They are also forgiving $136,526.00 of our $249k principle should we make our payments on time for the 1st 3 years...So, so, sweet! It took alot of work on my part but it is so worth it. I'm setting up automatic payments to make sure my payments are on time...YES!!!


    Again, congrats!!!
  17. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Congratulations Wealth and Darryl those are excellent modifications you achieved!
  18. Cat Damiano

    Cat Damiano Mortgage Wars

    derralynj,


    Congratulations!! That is a fantastic modification.
  19. matoju

    matoju LoanSafe Member

    did you ever find out about the balloon disclosure...i am looking at this now and was told that the reason for this is that if i default in the first 3 years that the amount that was to be forgiven in that time would be the balloon amount....any help is appreciated.
  20. keldog

    keldog LoanSafe Member

    Does anybody know what seems to be the underlying criteria for being offered the SAM? Our loan was just transferred from AHMSI to Ocwen on 3/1/13. we've been denied for HAMP through AHMSI, and were in the final review stages (Underwriting) for an AHMSI in house mod when the transfer notice came. Now back in limbo I guess? The SAM sounds like just what we need.

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